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CITIC Pacific to raise 4 billion Hong Kong dollars

07-28-2010 16:22 BJT

CITIC Pacific, which suffered heavy losses in foreign currency speculation in 2008, is planning to raise 4 billion Hong Kong dollars in a five-year syndicated loan, local media reported

Basis Point, a Hong Kong-based magazine, said CITIC Pacific intends to raise 4 billion Hong Kong dollars in a five-year syndicated loan and the indicative interest rate for the loan will be a 140-basis-point premium to the Hong Kong inter-bank offered rate after taking into account related fees. It has contacted 10 banks to supply the loan.

In 2007, CITIC Pacific secured 2.1 billion Hong Kong dollars in a seven-year loan at cost with the interest rate being a 39-basis-point premium to the Hong Kong inter-bank offered rate including fees. Unfortunately, CITIC Pacific suffered a huge loss of 15.9 billion Hong Kong dollars from foreign exchange speculation in 2008, bringing its net loss for 2008 to 12.7 billion Hong Kong dollars.

Public financial information shows that CITIC Pacific turned a profit of nearly 6 billion Hong Kong dollars in 2009. It is reported that current fundraising is a part of the overall plan of the CITIC Group, which may also include issuing yuan-dominated bonds in Hong Kong.

Editor:Xiong Qu |Source: People's Daily

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